Individuals over 55 are feeling increasingly concerned about care options in later life following the Covid-19 pandemic.
A nationwide study carried out by equity release adviser Key found more than one in five (21%) are more worried about their care needs after seeing the impact of Covid-19 on residential homes, while 14% are reconsidering their care funding plans.
A further 20% of over-55s said they are more determined to stay in their homes after the events of the past year.
Key said more than one in four over-55s (26%) say the spread of Covid-19 to care homes will have an impact on how they finance any future care and a similar number (24%) fear they may not be able to leave inheritance to children as they’ll require the money for care.
Of those who expect the pandemic to impact how they finance future care, around a fifth (22%) are considering cutting back on holidays and other luxuries to save more, while 16% say they may have to work longer and 14% are considering ‘riskier’ investments to boost their care fund.
Those in Yorkshire and The Humber were found to be the most concerned (43%), followed by Northern Ireland (41%), Wales (41%) and the South East (36%). Over-55s living in the North East (20%) and the East of England (19%) were found to be least concerned.
Will Hale, CEO at Key, said: “People need a wide range of options when it comes to choosing the type of care that is appropriate for them in later life, but the choice is often restricted by finances. Today’s figures suggest that COVID-19 has made people even more determined to stay in their homes as long as possible and increasingly concerned about how they can finance this.
“With National Carer’s Week highlighting the huge amount of unpaid work that carers in the UK already do, we need to think about different options which relieve some of this pressure and allow people to stay in the homes they love for as long as possible.
“Working longer, cutting back on luxuries and decisions around savings and investments may be options that people want to consider but they should also remember that their home can help to support these ambitions.
“Equity release products are more flexible than ever and with the support of specialist advice, people can make choices that allow them to receive the care that they want and need throughout later life.”
